A third of advisers have said increasing business costs are the main concern for them this year, topping worries about market instability, an insurer found.
A national survey from The Exeter found that a smaller share (27%) of advisers had worries about potential instability in the mortgage market.
This was followed by the continued pressure on consumer finances, as cited by 26% of respondents.
For 21% of advisers, client retention over the next 12-24 months was said to be a worry.
Advisers were also apprehensive about regulation, with 19% naming compliance with Consumer Duty and potential new regulation as their concerns. This comes as the Financial Conduct Authority (FCA) said it would be conducting a market study of pure protection insurance.

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Gendered differences in adviser priorities
The Exeter found there were differences in the worries of male and female advisers, with male advisers more likely to be concerned about financial and structural pressures, while female advisers thought about healthcare investment and the impact of demand.
A third of male advisers said higher business costs were a concern compared to 29% of female advisers, while the gender split for those worried about consumer finances was 29% for men and 20% for women.
When it came to anxieties about changes to commission payment structures, 26% of male advisers were worried compared to 18% of female advisers.
As for government investment in the NHS, 24% of female advisers were worried about this compared to 20% of male advisers.
Karen Woodley, head of healthcare distribution at The Exeter, said: “These findings highlight the numerous challenges advisers will face over the next two years. However, advisers should remain confident in their ability to overcome these obstacles, having successfully navigated economic pressures, market uncertainties and regulatory reviews in the past.
“From an insurer’s perspective, we are dedicated to supporting advisers to ensure we deliver the best outcomes for both new and existing customers.”
She added: “While it’s essential to help more people benefit from insurance, it’s equally important to focus on those who already have cover. With one in five advisers identifying client retention as a key challenge and ongoing financial pressures being placed on consumers, it’s crucial for advisers and insurers to work together to keep existing customers engaged.
“This ensures their cover continues to meet their needs and they fully understand the benefits of their insurance.”